Key Highlights

● Second-quarter revenue rose 33.7 per cent year over year to $1.23 billion.

● Net income rose 58.9 per cent year over year to $83.9 million.

● Total backlog reached $4.55 billion, up 52.8 per cent from a year earlier.

● Full-year 2026 revenue guidance was raised to $4.5 billion to $4.7 billion.

Everus Construction Group (NYSE:ECG), an electrical, mechanical and utility infrastructure contractor listed on the New York Stock Exchange as ECG, reported second-quarter 2026 results on 4 August 2026. Revenue was $1.23 billion, up 33.7 per cent, of which 30.0 per cent was organic. Net income rose 58.9 per cent to $83.9 million, and diluted earnings per share were $1.64, compared with $1.03 a year earlier. EBITDA was $128.6 million, a margin of 10.4 per cent against 9.1 per cent. For the first half, revenue was $2.27 billion, up 29.8 per cent, net income was $142.2 million and diluted earnings per share were $2.78, compared with $1.75. The company had 51,063,836 shares outstanding on 3 August 2026, according to its quarterly filing.

Where the growth came from

The Electrical and Mechanical segment generated $1.01 billion of revenue, up 41.6 per cent, driven mainly by commercial and industrial markets, particularly data centres, partly offset by lower institutional work. Its EBITDA margin improved to 10.8 per cent from 8.9 per cent. Transmission and Distribution revenue rose a more modest 7.1 per cent to $227.5 million on utility work, with a 14.4 per cent EBITDA margin; lower transportation revenue partly offset the gain. Gross margin widened to 14.9 per cent from 13.0 per cent, although selling, general and administrative expense rose 50.2 per cent to $71.2 million.

Backlog and cash

Total backlog was $4.55 billion at 30 June 2026, up 52.8 per cent on a year earlier and 41.0 per cent since December. Electrical and Mechanical accounts for $4.16 billion of that. Transmission and Distribution backlog was $388.4 million, only 1.0 per cent above December and below the $410.1 million of a year earlier, a contrast worth noting. Management cited more than $2 billion of project bookings in the quarter, per the release. For the first half, operating cash flow was $196.8 million and free cash flow $167.0 million, against $6.5 million a year earlier. Unrestricted cash was $157.4 million, gross debt $277.5 million and net leverage 0.3 times, with $222.8 million available under the revolving credit facility. About $147.6 million went on acquisitions in the half, chiefly SE&M Constructors. The chief executive, Jeffrey Thiede, described the quarter as one of record revenue, margin expansion and strong backlog growth, citing data centre, hospitality and high-tech demand, according to the release (paraphrased).

One Segment Is Driving Nearly All the Growth

Everus Construction's Electrical and Mechanical segment, lifted mainly by data-centre work, drove most of the quarter's growth and backlog gains, while Transmission and Distribution backlog has barely grown since December and sits below its year-earlier level. The pending Epsilon Industries acquisition, announced alongside a recently closed SE&M Constructors deal, adds further integration work on top of growth that already leans heavily on commercial and industrial capital spending, a concentration worth watching given the backlog imbalance between segments.